India Shelter Finance IPO likely to open on December 13; co plans to raise Rs 1,200 crore

The initial public offering (IPO) of India Shelter Finance Corporation is likely to open for subscription on December 13 and will close on December 15, according to market sources. The issue size will be around Rs 1200 crore.

The Gurugram-headquartered company had filed draft papers with the market regulator in August this year and received approval for the same in November.

The price band for the issue, which comprises both fresh equity and offer for sale (OFS), will be announced soon.


About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors.

The erstwhile Satyaprakash Housing Finance India (SHFIL) company was granted the certificate of registration in 1998. It was taken over by a group of professionals and a fresh certificate of registration was granted by National Housing Bank in 2010.

India Shelter Finance is a retail-focused affordable housing finance company with an extensive distribution network and a scalable
technology infrastructure. Between FY21 and FY23, it witnessed a two-year CAGR growth of 40.8% in terms of assets under management (AUM).

The company offers home loans up to Rs 50 lakhs to urban households for construction, extension, renovation and purchase of new homes.

Its target segment is the self-employed customer with a focus on first time home loan takers in the low and middle income group in Tier II and Tier III cities in India.

India Shelter Finance has recorded 32% year-on-year growth in its total income at Rs 606 crore for the financial year ended March 2023. Profit for the same period rose 21% to Rs 155 crore.

The net proceeds from the issue of fresh equity share will go towards meeting the future capital requirements and general corporate purposes.

ICICI Securities, Citigroup Global Markets, Kotak Mahindra Capital Company and Ambit Pvt Ltd are the book-running lead managers for the IPO.

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